Commercial Indo Bank LLC: There are only two banks in India in Russia. The name of the Joint Venture of SBI and Canara Bank is ‘Commercial Indo Bank LLC
In this bank where SBI has 60% stake while Canara Bank has 40 percent stake. Meanwhile, SBI has made a big announcement.
The war between Russia and Ukraine (Russia-Ukraine War) continues. Along with this, many western countries have imposed economic sanctions on Russia. In such a situation, India has also stopped business in Russia for the time being.
Actually, India’s largest lender State Bank of India (SBI) and mid-sized public sector bank Canara Bank is a joint venture in Russia. It is the only banking organization of Indian origin active in Russia.
What is the name of Joint Venture?
By the way, there is no subsidiary, branch or representative of Indian banks in the war zone. But, India has only two banks in Russia. The name of the Joint Venture of SBI and Canara Bank is ‘Commercial Indo Bank LLC’. In this bank where SBI has 60% stake while Canara Bank has 40 percent stake.
RBI is monitoring
The Reserve Bank of India (RBI) is monitoring the situation arising in the midst of this war. According to the data given by RBI, there are no subsidiaries of any Indian bank in Russia.
There are dozens of subsidiaries of Indian banks in other countries but these companies are in UK, Canada, USA and countries like Kenya, Tanzania and Bhutan. That is, due to the absence of a subsidiary of India in Russia, Commercial Indo Bank LLC is the only venture.
As of October 31, 2021, Indian banks have a total of 124 branches in other countries, with the highest number of Indian banks having 17 branches in UAE, 13 in Singapore, nine in Hong Kong and 8 each in USA, Mauritius and Fiji Islands.
Huh. That is, Indian Bank does not have any branch in Russia. Not only this, let us tell you that there is no representative office of Indian banks in Russia, whereas India has 38 representative offices in countries like UAE, UK and Hong Kong.
SBI made a big announcement!
Meanwhile, India’s largest lender has made it clear that it will not do any kind of transaction with Russian entities under international sanctions.
According to a report given by Reuters, SBI has sent a letter to some of its clients, informing that it has not done any transaction with Banks, Ports and Vessels included in the sanctions list of US, European Union and United Nations. And it doesn’t matter in which currency the transaction is taking place.
